Senators file 100+ crypto bill amendments

Members of the US Senate Banking Committee filed more than 100 proposed amendments to a cryptocurrency market structure bill ahead of a scheduled markup session on Thursday.

According to a leaked amendment list obtained by POLITICO, Democratic senators proposed dozens of changes while Republican lawmakers largely focused on narrower revisions to the legislation.

The bill seeks to establish a formal regulatory framework for digital assets by dividing oversight authority between the SEC and the CFTC.

One of the most contested issues remains stablecoin yield products, with lawmakers and industry groups continuing to debate whether crypto platforms should be permitted to offer interest-like returns on stablecoin holdings.

A draft released earlier this week would prohibit third-party platforms including exchanges from offering stablecoin yields deemed “functionally equivalent” to traditional bank deposit interest.

Jack Reed and Tina Smith proposed an amendment seeking stricter language around stablecoin yield restrictions by replacing the bill’s “equivalence” standard with a broader “substantially similar” test.

Chris Van Hollen proposed an ethics amendment that would prohibit senior government officials and their families from owning, promoting or affiliating with cryptocurrency businesses.

Another amendment from Catherine Cortez Masto would create a safe harbour protecting software developers from criminal liability for failing to register as money transmitters, a provision supported by many crypto industry groups.